BANCO DE COMERCIO 2013 ANNUAL REPORT

Transcription

1 BANCO DE COMERCIO 2013 ANNUAL REPORT Lima, March 28,

2 This document contains accurate and sufficient information with regard to Banco de Comercio business development in Without prejudice to the issuer s liability, the undersigned take responsibility for the contents hereof pursuant to the legal provisions in force. Juan Manuel Echevarría Arellano General Manager David Antonio Ambrosini Valdez Manager of the Administration & Finance Division José Fernando Choza Carro Manager of the Legal Consultancy Division 2

4 1. LETTER FROM THE CHAIRMAN OF THE BOARD In an international context characterized by the recovery of the advanced economies in the second half of this year, Peru s performance was based on domestic demand and on the trust in Peruvian economy shown by both consumers and entrepreneurs. This led to a 5.02% economic growth in 2013, whereas the consumer price index reached 2.86%, which is below the BCRP target range. As of December 2013, the direct credit balance of the financial system showed an accumulated growth of 16.7% compared to December During this period, the financial system delinquency grew from 2.19% in December 2012 to 2.55% in December The bank has performed slightly better than the system during times of economic uncertainty, as its loans grew to a rate of 17.6%. In this context, Banco de Comercio achieved a 1.2% growth in loans, with a 1.72% delinquency, which is less than the average of the system. At the end of 2013, the financial system was made up of 63 companies and S/ billion worth of assets. Among the most outstanding facts, we can mention that in May 2013, CRAC Nuestra Gente turned into a savings bankcompany after having absorbed Financiera Confianza. Furthermore, in October 2013, Edpyme Nueva Visión became a savings bank company,whereashsbc was acquired by GNB. It is worth mentioning that the banking companies account for81.1% of all financial system assets. As Banco de Comercio is a minor institution in Peru, with a share of less than 1% of the local market, the bank is impacted to a greater extend by regulations of the Superintendence of Banking, Insurance and Private Pension Administrators (SBS, by its Spanish initials) and by adaptations to Basel II and III Standards. Despite these restrictions, Banco de Comercio managed to consolidate its business and achieved a S/ billion direct loan and deposits worth S/ billion in total. Revenues from interests were up to S/ million and net profits obtained at the end of 2013 were S/.10.5 million. It is worth mentioning that the efforts made for capital strengthening were materialized in continuous capitalization of profits and the successful issuance of junior bonds, the third and fourth series of second public issuance of S/. 4.0 million and S/.3.5 million, respectively. Through this letter I wish to express my gratitude and appreciation to our shareholders, to the Management Team and to all the people that work for this institution, both on my behalf and 4

5 on behalf of the Board of Directors, for their loyalty and permanent trust in Banco de Comercio.The slogan of the Bank: «For your own progress and that of your family» is mine, and I hope that is true for all people who work for the Bank. I wish you all the best of luck for the coming year. José Ricardo Stok Capella Chairman of the Board 5

6 2. LETTER FROM THE GENERAL MANAGER Although the risk of an international crisis shrank in 2013, generalized deceleration of global economic growth continued to be a risk factor. New trends have come up within the financial market and new standards have been imposed by the regulating entities (SBS, the Peruvian Central Reserve Bank (BCRP, by its Spanish initials) and the Stock Exchange Superintendence [SMV, by its Spanish initials]), especially, greater capital demand. Banco de Comercio, being immersed in this context and aware of its small market share in terms of total assets, has chosen a conservative view: Being a bank that provides superior service in order to be the first financial option for our clients, their families and their companies, aimed at being The Family Bank, based on our inspiring objective of providing superior service and on the logic of our business and entrepreneurial objectives: 1) growth 2) niche defense and diversification and 3) increasing productivity and competitiveness. In this context, the strategy assumed by the current Management has been to consolidate the growth of businesses generating greater profitability, such as Peruvian Armed Forces and Police Force (FFAA-PNO, by its Spanish initials) and Medium Sized Enterprise Banking; as well as to penetrate new segments such as micro and small enterprises, which strengthen Personal Banking under the concept of better service oriented towards being the Family Bank. With this objective, priority has been given to resources aiming at adequate business segmentation, product development, delinquency control and continuous improvement of business support processes within a perspective of growing productivity and competitiveness. I wish to express my satisfaction about the S/.10.5 million net profit achieved during the financial year. These results have been accomplished due to the joint effort of the Board of Directors and the entire staff. I wish to specially thank the Management and the strength and capacity of Banco de Comercio to face the several existing challenges within its limitations. The above mentioned results have been achieved in the following operational accounts: Direct loans reached a volume of S/. 1,156 million, where the volume reached by total deposits was S/ billion. 6

7 The quality of our consumer loan portfolio is the highest within the banking system; delinquency, which measures the delayed portfolio among gross loans, stands at 0.75%,whereas the banking system average was 3.00%. Financial income reached S/ million, whereas both interest expenses rose to S/.74.9 million. Furthermore, administrative expenses rose to S/.84.6 million, with a 3.3% change compared to For the first time in the Bank s history, we have had a primary public emission of junior bonds, third and fourth series, for an amount of S/. 7.5 million, which represents an instrument of capital strengthening, and which has also broadened our financing alternatives. Important progress has also been made in the following manners: As a result of cost rationalization, Banco de Comercio has saved approximately S/.5 million, which is the result of austere and efficient management. We have reached a Good Corporate Governance Index of 312 out of 312. We rank first in the Ipsos Apoyo Service Quality Survey. We have been authorized by Promperú to use the Peru Brand (Marca Perú), in order to contribute to spreading the richness of our country. Our management team, who are aware of the great challenge the bank is currently facing, has identified four critical risk factors: 1) financial leverage; 2) the human factor and organizational culture; 3) better service and client loyalty; 4) cost management.to date, these have been implemented with control and success from the beginning of our management. We are a commercial bank and our business is based on serving our clients, whether they are individuals or companies. Therefore, we collect deposits and grant loans, while we perform strict follow-up in case any of our clients has a payment problem. This has always been the commercial culture and business model that has allowed us to generate recurrent operational income in all phases of the economic cycle; a model which, has been also validated by the market with day-by-day increasing profitability and efficiency. Banco de Comercio will continue to consolidate its businesses and to grow in terms of capital. We will be aware of new opportunities that may come up, based on the criteria of responsibility towards our shareholders, clients and employees, while preserving our solvency and meeting the SBS capital requirements. 7

8 Finally, I wish to thank my Board of Directors and their contributions, the bank personnel, for their effort and dedication, and the professional team that is part of Banco de Comercio, who continue to work day by day, as they successfully face the challenges posed by the future, and because they will continue to create trust among our shareholders, investors, the Bank s clients and the general public. Juan Manuel Echevarría Arellano General Manager 8

12 5. INTERNATIONAL CONTEXT 5.1. WORLD ECONOMY The world economy grew by 3.0% in 2013, which is slightly less than the growth recorded in the previous year, due to the decreased growth pace recorded by the advanced economies. In the United States, the economy grew by 1.9% in 2013, which was mainly the result of a greater increase in exports, increased private investments and the labor marketrecovery. It should be noted that the US Federal Reserve in December 2013 started to reduce the initial $85 billion monetary stimulus to $75 billion per month in assets supported by mortgages (MBS) and Treasury Bonds, which is a sign of the country s strength. With regard to the Eurozone, it is worth mentioning that the economy did not start the year in a very encouraging manner; however, GDP showed a moderate growth in the second half of the year. Data reflected that the economy of the 17 Eurozone countries in the last quarter of 2013 grew by 0.3%, compared to 0.1% in the third quarter. Thisis, mainly, due to an increase in exports in the fourth quarter of 2013 (+0.7% compared to the third quarter of 2013), while imports shrank by 1.4% compared to the third quarter of 2013, which shows that the GDP growth reported in the last quarter of 2013 was mainly driven by the increase in net exports. In addition, the industrial production development in November 2013 compensated the decrease of the previous two months due to the increased industrial demand, which seems to reflect the 12

13 continuous recovery of the industrial sector during the first months of This way, the increase in retail sales at the end of 2013, in addition to the unemployment stability (12.0% since April 2013) and the moderate inflation rate, reflected that domestic private consumption of the 17 countries contributed to GDP growth in the last months of In Asia, the different countries present diverse economic growth. In the northern part of the continent (China and Japan), gross domestic product (GDP) growth remained high; however, in some countries such as India and Indonesia, growth has weakened due to the volatility of capital flow as a result of the uncertainty generated by the Federal Reserve (FED)with regard to the reduced monetary stimulus in This reflects the great influence of the United States monetary policy movements on said Asian countries. In China, GDP growth stood at 7.7% at the end of 2013, with a series of structural and social reforms, such as the liberalization process that has taken place in the financial sector, the more flexible price controls with regard to public supply services and greater participation of private investment, in order to complete the transaction toward a market economy and to systematically face the risks. In Japan, economic development has been positive in 2013 as a result of the fiscal and monetary stimuli. Japan s GDP grew by 1.7% in 2013, which is more than in 2012 (1.4%) LATIN AMERICAN ECONOMY The Latin American and Caribbeaneconomy (LAC) grew by 2.6% in 2013, which is less than the growth it presented during the 13

14 previous period (3.0%), according to the official figures published by the IMF. The GDP achieved by Latin America and the Caribbean reflected the negative impact generated by the US and European economies during the first quarter, due to their commercial proximity. In most countries, monetary policies moderated the negative effect of the decreased foreign demand on the economic activity. In countries like Mexico and Brazil, periodic inflation stood at 3.97% and 5.9%, respectively, which is above the upper limit of each country s objective; however, Venezuela recorded the highest inflation rate in the world (56.3%).The region s joint inflation rate was of 8.6%, which is higher than the rate recorded in 2012 (5.8%). The region s decreased performance occurred at the same time as the strong economic slowdown of two countries: the Mexican economy grew by 1.2%, which is less than the previous year (3.7%), whereas in Venezuela GDP is expected to grow by about 1%. However, Brazil, one of the largest economies in the region, showed a 2.3% growth which is higher compared to the previous year (1.0%). 6. NATIONAL CONTEXT 6.1. MACRO ECONOMIC VARIABLES In the course of 2013, the Peruvian economy recorded a 5.02% growth but its GDP decelerated compared to the previous period (6.3%); the 2013 result was affected by the decreased growth in private investment and by the weak international economic environment that affected exports. The non-primary sectors, in turn, recorded a larger growth of 5.4%,driven by the construction, trade and other service sectors; whereas growth in the primary sectors was less dynamic (3.1%). 14

15 As for the growth per economic sector, the largest growth in 2013 was recorded in fishery and construction, which increased by 12.6% and 8.56%, respectively. Growth in the fishery sector can be explained by the increased landing of species for direct human consumption, which rose by 11.5%, as well as by the landing of species for indirect human consumption (meal and oil),by 27.1%. On the other hand, moderate growth was recorded in the manufacturing, agricultural and mining and hydrocarbon sectors, which grew by1.71%, 2.20% and 2.91%, respectively. 15

16 Domestic demand achieved a 5.7% growth in 2013,mainly under the influence of increased private consumption (5.2%) and of the confidence in the Peruvian economy shown by consumers and entrepreneurs, which caused an increase in consumer loans during the period. Public investment accumulated a 14.9% expansion, which mainly reflects the increased expenses on local and national government investment projects. Inflation & Exchange Rate At the 2013 closing, inflation measured as a the annual consumer price index variation (CPI) stood at 2.86%, within the goal range established by the BCRP (1% - 3%). It is worth mentioning that there has been a backward movement in food and beverage prices and this decrease continues to reflect the reversion in the shocks presented by the domestic offer during the last quarter of On the other hand, the exchange rate closed at 2.80 Nuevos Soles/US$ in December 2013, with an 8.5% variation compared to the previous year. Among the possible factors that have contributed to this lower exchange rate, we can mention the uncertainty that generated the announcement of the federal reserve with regard to the withdrawal of the monetary stimulus and the decreased entry of dollars through exports. 16

17 External Sector In 2013, the Peruvian economy recorded a $365 million trade balance deficit, due to the result generated by the decreased demand of export products. Exports fell by 9.5%,to $ 41,826 million compared to 2012,which was also due to the decrease in export prices and to a decrease in the consumption of traditional products by China; however, imports rose by 2.6%,to $42,191 million FINANCIAL VARIABLES Loans Total direct loans of the Peruvian banking system as of December 2013, rose to S/ billion, which is 17.6% higher than the loans recorded during a similar period the previous year, which can be explained by the greater dynamism in consumer credits. As of December 2013, the bank concentrates 83.6% of the total amount of direct loans in the financial system. The accumulation of direct loans in the banking system can also be explained by the greater dynamism in loans directed to the Mining (57.6%), Mortgage (21.1%), Manufacturing (20.5%) and Agricultural (19.4%) sectors, compared to December

18 Banking System Direct Loans (expressed in billions of Nuevos Soles) Compared to 2012, the largest accumulated growth of the loans per segment in the banking system was obtained by Corporate Banking, which grew by 30.3%, followed by Large Sized Enterprise Bankingwith 18.7%,due to the more dynamic private investments performed by large companies in our country. In contrast, it can be observed thatmicro Sized Enterprise Bankingdecreased by25.8%. 18

19 Deposits Total deposits of the Banking System as of December 2013 rose to S/ billion (21.4%) with regard to December Deposits in Peruvian currency rose to S/. 89.7billion, which means an increase of 9.5%, whereas deposits in foreign currency (expressed in local currency) rose to S/ billion, which means a 38.1% growth. Banking System Direct Loans (expressed in billions of Nuevos Soles) 19

20 Over the past twelve months, a growing trend could be observed in the dollarization of the banking system deposits (47% of all deposits),as a result of the recent dollar appreciation due to the FED decisions regarding withdrawal of monetary stimulus. Financial Indicators The quality of the banking system portfolio, measured through delinquency, increased slightly to 2.14%, and therefore exceeded the result obtained in December 2012 (1.75%). This way, delinquency of the banking system in 2013 continued to show a growing trend, after it had decreased in December The provision coverage ratio, in turn, decreased from 223% in December 2012 to 187% at the closing of Profits made by the banking system not including branches located abroad totaled S/ billion in Thus, an increase of S/ million (7.6%) was recorded compared to the previous year. The increase in profits is a response to the increased financial income, which mainly consists of credit interest and commissions, which were favored by the continuous growth in loans placed by the system in the most dynamic sectors of the economy. A slight decrease was observed in the banking system s profitability, which is measured by return on assets. Return on capital, in turn, closed 2013 at 21.2%,which is higher than the figure obtained in December

21 Interest Rates The average lending interest rate in local currency as per December 2013 had fallen from 19.1% in 2012 to 15.9% in 2013, as a result of the decreased lending interest rate in most of the segments; however, the consumption segment recorded an increase with regard to 2012.Nevertheless, the borrowing interest rate in local currency remained constant in 2013 (2.3%). Banking System: Lending and Borrowing Rate in Domestic Currency (In percentage) Banking System: Lending and Borrowing Rate in Foreign Currency (In percentage) Source: BCRP Source:BCRP Source: ASBANC Source: ASBANC Source: ASBANC Source: ASBANC 21

22 Source: ASBANC Source: ASBANC 7. VISION & MISSION 7.1. VISION Our vision is to be a Bank that provides Excellent Service in order to be a convenient financial option focused on our clients, their families and their companies, aimed atbeing the Family Bank MISSION It is our mission to promote the progress of our clients, their families and/or companies, through employees committed to the Bank s vision and who provide the best service in the market, while generating value for our shareholders. 8. MANAGEMENT REPORT 8.1. STATEMENT OF RESULTS The Bank s net profits as per December 31, 2013 increased to S/ million, which is less than the result obtained in the same period the previous year, when it had risen to S/ million. During the 2013 period, the Bank continued to expand its businesses by changing the direction of its growth towards the Medium Sized Enterprise Banking sector, which has lower capital 22

23 requirement than the payroll deduction loans of the consumer segment. This strategy seeks to optimize scarce capital resources, in order to increment the profitability of our businesses. Financial income increased during the period analyzed and ended at S/ million, which is S/. 2,6 million less compared to 2012,which can be explained by a reduction in loans in the Micro Sized Enterprise segment, which has an annual loan rate of approximately 30%. On the other hand, the Bank s financial expenses decreased by S/.0.9 million compared to a similar period of the previous year, as a result of the decreased borrowing rate, mainly in fixed-term and Employment Termination Compensation (CTS, by its Spanish initials) products, aimed at strengthening the gross margin. Finally, the company s administrative expenses increased to S/ million, which is 3.3% more than in 2012, due to the restructuring of the business modelimplemented by the Bank LOANS In 2013, Banco de Comercio stotal loan portfolio increased to S/.1,512.5 million, which exceeds the amount recorded in December 2012 by S/ million (6.8%), mainly due to an increase in indirect loans. Banco de Comercio s direct loan portfoliorose to S/. 1,156.2 million, which means as/ million (1.2%) increase compared to the loans recorded at the closing of 2012, which is the result of an 23

24 increase in loans in the medium sized enterprise segment. With regard to the situation of the portfolio, a vertical analysis shows that the structure of the existing loans grew from 95.9% in December 2012 to 97.2% in December The increased gross loan volume of Banco de Comercio is a result of the growth in credits through loans, which experienced a S/.37.7 million (3.7%) growth compared to 2012; however, it should be mentioned that during this period, direct payroll deduction loans decreased, which is a measure that was considered in the budget in order to face the greater regulatory requirements imposed by the SBS. Indirect loans, in turn, grew to S/ million, showing an S/ million (30.2%) increase compared to indirect loans recorded at the end of the previous year, mainly due to the greater dynamism inletters of Guarantee (19.1%), directed towards the construction sector, a segment which showed sustained growth in The bank s high risk portfolio which is the sum of the delayed portfolio and the refinanced and restructured portfolios was established at S/.32 million (S/ million below the stock obtained in the previous year). It is worth mentioning that during 2013, portfolio punishments for an amount of S/.28.5 million were executed, which was totally (100%) in accordance with the projected amount. 24

25 8.3. DEPOSITS The Bank s deposit and obligation volume increased to S/. 1,369.4 million, exceeding the figure recorded the previous year by S/ million (1.8%), which can be partly explained by the S/. 4.7 million increase in deposits. This growth reflects the trust our clients have in our institution. This growth in deposits was influenced by demand deposits, which, in turn, increased by 12.7% compared to Demand deposits, in contrast, decreased by 1.7%, as a result of measures adopted by the Administration in order to improve the institutionfinancial margin. It is important to note that term deposits (including CTS) decreased from 76.2% in 2012 to75.1% at the end of 2013, which shows that during this analysis period the growth of low cost deposit, such as demand deposits, was prioritized. Due to the nature of our clients, personal deposits rose to S/ million, which is 24.7% more with regard to the result obtained the previous year. This growth is a response to the competitive rates maintained by our institution, the greater confidence families have in our bank and the sustained growth of the per capita income of families, with allows them generating greater savings. On the other hand, corporate deposits fell to S/ million (14.9%) FINANCIAL INDICATORS Banco de Comercio s portfolio quality rates showed improvement with regard to the banking average. The delinquency ratio stood at 1.72% at the closing of 2013, which is below the average of the banking system (2.14%), which reflects greater control and management with regard to the portfolio. The provisioning index ended at 260%,which is higher than the figure that had been achieved by the closing of 2012 (203%) and above the banking system average (188%). As can be seen, the index is significant and shows a capacity to absorb eventual losses that may occur such as foreign or domestic shocks which have a negative impact on the Peruvian economy. 25

26 Both in local as well as foreign currency, the liquidity index exceeded the value required by the SBS; as of December 2013, the liquidity index expressed in local currency stood at 38.7%, which is above the index recorded in December 2012 (33.2%). However, the liquidity index expressed in foreign currency stood at 69.0%, which is below the index obtained in the previous period (75.1%), but above the banking average (56.1%). The Banco de Comercio operating management ratio, in turn, increased from 40.8% in 2012 to 42.7% in December 2013, which was the result of the new restructuring of the Institutionbusiness model, oriented towards the Medium Sized Enterprise Banking segment. The Basel Index (Effective Risk/Capital Weighed Assets) stabilized at 8.46 times and the said indicator ended above the system s average (7.3 times); however, it was within the limit set by the regulating entity. It should be mentioned that during this period, Resolution entered into force (as of September 2013) which requires larger capital for credits with a residual term of more than three years, which explains the Basel indexgrowth. Finally, Banco de Comercio s profitability, measured with theroe,stabilized at 6.5%, which is below the performance obtained during the same period in the previous year, as a result of greater capital requirements by the SBS, which slow down the dynamism of banks with low capital levels. 26

27 8.5. RISK CLASSIFICATION Throughout 2013, Banco de Comercio received the following risk classifications from PacificCredit Rating andequilibrium: 27

28 It is worth mentioning that the above mentioned classifications are subject to permanent revision, in accordance with the applicable laws. The risk classifications granted are not a recommendation to buy, retain or sell the values issued by Banco de Comercio. 28

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